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NovaFusion Capital, the lending subsidiary of Astranova Mobility, has received approval from the Reserve Bank of India (RBI) to operate as a Non-Banking Financial Company (NBFC). According to the company, the licence was granted within 90 days of submitting the application. The approval will enable NovaFusion Capital to offer direct lending products alongside Astranova Mobility’s existing electric vehicle (EV) leasing and asset-management operations. The company has already arranged capital for an initial deployment of ₹200 crore.
Founded in 2023 by Kunal Mundra and Grip Invest, Astranova Mobility was formerly known as Electrifi Mobility. The company operates as an EV asset-management and financing platform. So far, it has funded more than 35,000 electric vehicles, including two-wheelers, batteries and buses. The company has deployed over ₹450 crore through its own and partner balance sheets. Its backers include the Asian Development Bank (ADB), IvyCap Ventures, AdvantEdge Founders and Trucks Venture Capital.
The NBFC licence will allow Astranova Mobility to expand beyond vehicle leasing and asset management into direct lending. NovaFusion Capital plans to focus on the financial requirements associated with commercial EV ownership and operations. According to the company, its lending decisions will consider not only borrowers’ credit profiles but also vehicle utilisation, telematics data and income-generation capacity.
Astranova Mobility believes traditional lenders have been slow to provide financing to gig workers and three- and four-wheeler drivers. Existing credit assessment models, the company says, are often not designed for borrowers whose earnings depend directly on vehicle usage. NovaFusion Capital aims to address this gap by developing a financing model tailored to commercial electric mobility.
India commercial EV financing market presents a significant growth opportunity. The country gig workforce is projected to increase from approximately one crore workers to three crore by 2030. Industry estimates also suggest that around USD 100 billion in funding may be required to transition commercial fleets towards clean energy. However, financing products specifically designed for this segment remain limited, with many institutional lenders continuing to rely on credit frameworks developed for conventional vehicles.
Astranova Mobility plans to use telematics and vehicle-operation data collected over five years of leasing activity to assess borrowers and lending risks. This includes information on vehicle performance, usage patterns and income generation. The company believes these insights can help lenders better understand the risks associated with financing commercial electric vehicles.
Kunal Mundra, Founder and CEO of Astranova Mobility, said the NBFC licence would allow the company to extend its asset-management capabilities into direct lending. Shraddha Srimal, CEO of NovaFusion Capital, said the company aims to develop a credit framework specifically designed to support mass-market EV adoption rather than simply adapting conventional lending models for electric vehicles.
Astranova Mobility has set a target of achieving 5,000 crore in assets under management (AUM) over the next five years. Reaching this goal will require sustained business expansion and an increase in direct lending operations. The company will also need to maintain disciplined credit performance as it scales beyond its existing leasing and asset-management model.
